Posted by Alison Arthur and Bethany Frank on 09 Oct 2019
Electronic bill presentment and payment (EBPP) solutions are a strategic investment for consumer-facing businesses including healthcare providers, insurance carriers, utility companies, and more. As consumers continue to move toward digital transactions, a multi-channel bill payments solution can give businesses the edge they need to stay ahead of the competition.
The bill payments experience can have a significant impact on overall customer satisfaction, so businesses should be sure to research and choose an EBPP solution that best meets their unique needs. Here are three important factors to consider when selecting an EBPP solution.
Payments are faster and more convenient than ever thanks to innovative technology like P2P payments, digital wallets, mobile connectivity, and more. And consumers are looking for the same speed and convenience for their bill payments. An EBPP solution should be able to accept bill payments via innovative channels like Pay by Text, intelligent personal assistants, and messaging apps. It should also combine these payments seamlessly with more traditional channels (agent, IVR, kiosk, etc.) to provide a top-down view of an organization’s entire payments program.
Bill payments are often the most frequent touchpoint between billers and their customers, which is why it’s so important to deliver the right experience. Now more than ever, customers expect the process to be smooth no matter how or when they choose to pay a bill. It should be easy for customers to connect with businesses and pay their bills anytime and anywhere, using the payment channels, methods, and types they prefer.
In addition, an EBPP solution should give customers access to timely support in case they encounter any roadblocks throughout the bill payment process. Potential complexities should be mitigated by design that offers a clean and efficient interface that’s intuitive for users. A simple, easy-to-use UI combined with features like messaging and alerts can transform the bill payment process into a powerful way to engage with customers.
A great EBPP solution is flexible and fully customizable, from its visual design to its features and functionality. Businesses should seek a configurable EBPP solution that can accommodate unique organizational needs. An EBPP solution can be tailored to specific business requirements and combined with custom design to deliver a frictionless experience that allows businesses to cater to the needs of all customers no matter their individual preferences.
The Bottom Line: Bill payments are such a critical component of the overall customer experience that businesses can no longer afford to deliver anything less than truly exceptional. Partnering with an EBPP solution that’s rooted in innovation, customer experience, and flexibility can transform the bill payment process for both businesses and their customers.
*This is an update on an original post published June 2016
09 Jul 2021 Blog Report: Modernizing Payments Infrastructure in the Era of Real-Time Payments We highlight some of the key points from our Payments Infrastructure Outlook: Real-Time Payments Take the Lead report with Mercator Advisory Group.